H1431: International Drug Reference Pricing

Legislative Summary

Requires prescription drug manufacturer permitholders to annually report certain international price data to AHCA; provides for administrative enforcement via specified fine & permit suspension; requires AHCA to contract with entity to designate reference price source countries & establish reference prices for prescription drugs based on certain criteria; requires agency contractor to weigh reference price benchmark value of such countries in two or more tiers, using specified criteria; requires agency contractor to analyze specified data to compare prices among source countries using specified exchange rate source; requires agency contractor to establish reference price for prescribed drugs or products; requires agency contractor to provide reference prices by specified date each year; requires AHCA to publish prices online within specified time; requires pharmacies to charge no more than reference price for cash-paying patients; requires certain health insurers to provide reimbursement for certain prescription drugs no higher than reference price; requires health insurers to use certain savings to offset certain payer costs; requires each health insurer to document anticipated savings & premium reductions in rate filings following availability of reference prices; requires each health insurer to assess actuarial effect of reference pricing program for each insurer product for each plan year; requires each health insurer to submit annual report on assessed effect of such program to OIR or AHCA; requires OIR & AHCA to submit joint report to Governor & Legislature; requires every health maintenance organization to comply with provisions of specified section.